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Progressive Home discontinued offering the Dwelling Fire line (DP-3) of business

Progressive Home discontinued offering the Dwelling Fire line (DP-3) of business

Progressive Home announced its decision to discontinue offering the Dwelling Fire line (DP-3) of business. The move is a continuation of various actions Progressive Home has already taken in several states as part of the company’s ongoing, strategic efforts to ensure the long-term stability of its property business for the benefit of both customers and independent agents.

Progressive Home remains committed to the Homeowners insurance market and will continue to offer Homeowners, Renters, Condo, Flood and Umbrella policies.

The decision to discontinue DP-3 business is expected to create additional capacity for owner-occupied home policies in many states.

Progressive Home will stop selling new business DP-3 policies and begin sending nonrenewal notices to affected policyholders in certain states as early as November 19, 2024, in accordance with state regulatory requirements.

A DP-3 policy protects properties that are not the owner’s primary residence such as vacation homes, seasonal properties or investment homes used as short-term rentals. DP-3 policies represented 3.6% of all Progressive property policies as of September 30, 2024.

Progressive Home’s decision to discontinue offering DP-3 is part of a series of initiatives it has already begun in some states and plans to implement across all states, in accordance with state regulatory requirements.

These actions include a focus on insuring owner-occupied homes and bundled business, increasing the minimum required Wind/Hail deductibles, mandating the Roofing Materials Payment Schedule endorsement, and ensuring agent alignment on underwriting quality expectations.

Progressive Home remains committed to the property market and these actions will help better position the company to build a stronger and more competitive property business for consumers and independent agents moving forward.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.